A quarter of Colette by Colette Hayman stores to close, administrators announce

A popular accessory business with more than 130 stores will see a quarter close over the next three weeks.

Generic views of Collette by Colette Hayman Store in Warringah Mall, Brookvale, taken on 4th February 2020. Collette stores have gone into voluntary administration. Picture: Julian Andrews

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A popular global retail chain will see 33 stores across Australia and New Zealand close over the next three weeks.

The northern beaches-based business will see it’s local Warriewood close, while the other at Warringah Mall will remain in the portfolio of 105 stores to be offered for sale.

Other stores in NSW that will close include Hornsby, Chatswood, Rhodes, Kotara and Birkenhead.

Colette Hayman with her range of designer handbags at the Colette by Colette Hayman HQ. The global fashion brand has its HQ in Brookvale on Sydney's northern beaches. Picture: Troy Snook.

The business which was set up by Colette Hayman, who lives in Manly, sells bags, jewellery and hair accessories.

The announcement was made today by Deloitte Restructuring Services partners Vaughan Strawbridge, Sam Marsden and Jason Tracy who were appointed voluntary administrators on January 31.

Vaughan Strawbridge, one of the administrators, said all efforts are being made to redeploy staff who are affected by store closures.

“All staff impacted are expected to receive all their wages and entitlements in full,” Mr Strawbridge said.

The offices where the Colette by Colette Hayman headquarters are based in Old Pittwater Rd, Brookvale. Picture: Julie Cross

The administrators have continued to trade the business since their appointment and have seen a good response from customers and staff who are supporting the brand, demonstrating the value of the business.

Mr Strawbridge said as part of their appointment they have reviewed the Colette store network, taking into consideration a number of factors before making the decision to close stores.

“This is never easy and we have regrettably had to make the decision to close 33 stores,” Mr Strawbridge said.

“We are working closely with the Colette management team to effect the closures quickly while seeking to redeploy staff impacted.”

Closing the 33 loss making stores will position us with improved group performance and time to find a recapitalisation or sale of business solution for the business.

The administrators key focus is on the sale of the business with initial expressions of interest due early next week, a process they have said had gained strong interest.